Japanese firms collaborate facial recognition-based payment platform

Panasonic, Resona, credit card firm JCB Co., and Dai Nippon Printing Co. aim to introduce a facial recognition-based payment platform that lets customers deposit, withdraw and transfer money at banks as early as April next year.

The four Japanese companies also hope that the platform will be used on a wide variety of occasions, such as admission and exit at event venues, accommodation check-ins, and settlements at retail shops.

They would also encourage companies from other sectors to take part in the initiative.

The facial recognition system will match facial images captured by cameras at facilities with those registered to a common server.

A facial recognition settlement system could prevent the illicit use of bank accounts, such as those leaked personal ID numbers.

Tokyo-based research company Fuji Keizai Co. projects the facial recognition technology market size to triple from the 2019 level to ¥8.6 billion in 2023.